EXHIBIT 12

AFLAC INCORPORATED AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges

(In thousands)			Three Months Ended				Six Months Ended
			June 30,				June 30,
			2003		2002		2003		2002
Fixed charges:
	Interest expense		$	5,425	$	4,728	$	10,803	$	9,148
	Rental expense deemed interest			113		121		234		254
	Interest on investment-type contracts			925		593		1,808		1,090
		Total fixed charges	$	6,463	$	5,442	$	12,845	$	10,492
Earnings before income tax			$	377,147	$	322,041	$	747,222	$	606,991
Add back:
	Fixed charges			6,463		5,442		12,845		10,492
		Total earnings before income tax and fixed charges	$	383,610	$	327,483	$	760,067	$	617,483
		Earnings before income tax and fixed charges		59.4x		60.2x		59.2x		58.9x